SS futures in the doldrums, stainless steel spot cargo inquiries decrease [SMM Stainless Steel Daily Review]

Published: Sep 23, 2025 17:48

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[SMM Stainless Steel Daily: SS Futures in the Doldrums, Stainless Steel Spot Enquiries Decrease] SMM, September 23 – SS futures showed a weak and fluctuating trend. Although the night session maintained a relatively strong performance, the daytime session weakened after a brief period of fluctuation at the opening, eventually closing down at 12,890 yuan/mt. On the spot market side, dragged down by the pullback in SS futures, market confidence weakened, and spot enquiries decreased significantly compared to the previous day. Despite traders slightly lowering prices to sell goods, actual trading volume remained sluggish. Additionally, affected by Typhoon "Hagibis," shipments and cargo pick-up in the Foshan region were disrupted, and some traders chose to take the day off today. On the futures side, the most-traded contract, SS2511, traded weakly and fluctuated. At 10:30 a.m., SS2511 was quoted at 12,885 yuan/mt, down 45 yuan/mt from the previous trading day. In the Wuxi region, the spot premiums/discounts for 304/2B were in the range of 335-635 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coil in Wuxi was 8,050 yuan/mt; for cold-rolled trimmed 304/2B coil, the average price in Wuxi was 13,200 yuan/mt, and in Foshan, 13,200 yuan/mt; for cold-rolled 316L/2B coil in Wuxi, 25,650 yuan/mt, and in Foshan, 25,650 yuan/mt; for hot-rolled 316L/NO.1 coil, both regions reported 24,950 yuan/mt; for cold-rolled 430/2B coil, both Wuxi and Foshan reported 7,600 yuan/mt. Although it is currently the traditional peak consumption season of "September-October peak season," and downstream end-use demand for stainless steel has indeed recovered compared to earlier periods, due to within the month...

SMM September 23, SS futures were in the doldrums. Although the night session remained relatively strong, the daytime session weakened gradually after a brief fluctuation at the opening, eventually closing down at 12,890 yuan/mt. Spot market, dragged by the pullback in SS futures, saw weakened market confidence, with spot inquiries significantly lower than yesterday. Despite traders slightly lowering prices to sell, actual trading volume remained sluggish. Additionally, affected by Typhoon "Hagibis", shipments and cargo pick-up in Foshan were disrupted, and some traders chose to take the day off today.

Futures side, the most-traded contract 2511 traded in the doldrums. At 10:30 am, SS2511 was quoted at 12,885 yuan/mt, down 45 yuan/mt from the previous trading day. Wuxi spot premiums/discounts for 304/2B were in the range of 335-635 yuan/mt. In the spot market, Wuxi cold-rolled 201/2B coil averaged 8,050 yuan/mt; cold-rolled mill-edge 304/2B coil averaged 13,200 yuan/mt in both Wuxi and Foshan; cold-rolled 316L/2B coil was 25,650 yuan/mt in both Wuxi and Foshan; hot-rolled 316L/NO.1 coil was quoted at 24,950 yuan/mt in both locations; cold-rolled 430/2B coil was 7,600 yuan/mt in both Wuxi and Foshan.

Despite the traditional September-October peak season, end-use demand for stainless steel did recover compared to earlier periods, but as stainless steel mill production increased simultaneously during the month, the stainless steel market did not show a significant strengthening trend. Market participants generally felt the overall atmosphere was sluggish, and the market did not exhibit the vibrant trading scene expected during the peak season. Although inventory gradually declined, stainless steel spot prices struggled to rise. This week, the US Fed cut interest rates by 25 basis points, in line with previous market expectations. SS futures had already struggled to break through the previous bottleneck of 13,000 yuan/mt, and after the short-term macro tailwinds were realized, the futures turned downward. Downstream acceptance of high prices in the spot market was already low, and the pullback in futures prices further intensified wait-and-see sentiment. Additionally, cost side, further increases in nickel and chromium raw material prices encountered resistance. Although, in the short term, influenced by the traditional peak season, low social inventory, and pre-holiday stockpiling demand ahead of the National Day holiday, stainless steel prices are unlikely to see significant declines, the momentum for further increases has clearly weakened.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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